The number of millionaires in California was sharply on the rise leading up to the pandemic, according to new data from the Internal Revenue Service, which breaks down the number of filers based on adjusted gross income.
But that tally was even higher in California, where the number of millionaires grew 51% from 2015 to 2020 and ticked up more than 16% between 2019 and 2020, adding another 15,360 top earners.acceleration of home prices could have played a role in the surge of million-dollar earnersOverall, the nation added 170,170 million-dollar earners between 2015 and 2020, taking the total to 608,540. That sum still only accounts for 0.37% of all tax filers in the U.S.
Idaho and Utah also led the way for percentage growth in million-dollar earners between 2019 and 2020 — a ranking also dominated by states in the West. But not all large states ranked near the top for raw growth. New York added only 4,290 million-dollar earners from 2015 to 2020 and actually lost 730 between 2019 and 2020 — a 1.3% decline. Oklahoma and Louisiana were the only other states to suffer a drop in million-dollar earners between 2019 and 2020.